Stephen Key is an award-winning inventor, a renowned intellectual property strategist, a successful entrepreneur, and a best-selling author. The more than 20 products he has licensed over the past 35 years have sold in Walmart, 7-Eleven, and Disney stores and theme parks worldwide, as well as been endorsed by Michael Jordan, Alex Trebek, and Taylor Swift.
Along with business partner Andrew Krauss, Stephen co-founded inventRight, a company dedicated to teaching inventors, entrepreneurs, and anyone with an idea how to build wealth through licensing. Key is the author of The Licensing Lifestyle, a weekly column for Inc.
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Gifts By Category. Gift Tips. Visit site. One Simple Idea, Revised and Expanded Edition has been revised and updated to reflect current trends and practices in the industry. In addition to teaching readers how to turn their ideas into marketable products that companies will want to license, Key expands upon his cutting-edge product development, sales, and negotiation strategies, making note of the new opportunities Chrysanthemum Goji Tea Recipe.
Have you created a model to present it and filed a provisional patent for this idea? If the answer is yes, you are ready to find a licensee and put your idea on the market. Companies are interested in knowing the advantages of your idea and if it will generate profits.
Therefore, you should use tools to show the advantages of your idea:. Make a list of the advantages your idea has over others in the marketplace. Rate the value of each advantage on a numerical scale, starting from the best advantage for the others;. Create a one-line benefit exhibit and compare it to the advantages of your idea;. Develop a presentation page that contains: idea representation, contact information, and patent information.
When promoting their ideas to graduates, many people don't know where to go, who to talk to, and how to present their ideas.
To this end, the author explains simple ways to sell your ideas to the right people. Fear is your biggest enemy when you wa nt to present your ideas to companies. To help you get rid of this feeling, Stephen key offers solutions to possible fears you may have:. Protect your ideas : this way there is no possibility that your ideas will be stolen and it will hurt you;.
Study the market and talk to someone who has already done this : your chances of getting in this situation will be lower;. If you are rejected when presenting your idea to a particular company, don't give up! Before promoting your creations, you should study the market and especially, study possible companies that fit your idea. Always be sure to ask for feedback.
Many ideas are marketable, but may not be the right idea for a given company. So always be aware of the market and don't put your idea on the shelf when you hear the first "no". According to the writer of the work, in this last stage, you must be calm and prepared to negotiate with entrepreneurs and sell your great idea. Talking to these people is easier than you think. Therefore, there are some strategies that can help you deal with this situation.
For Stephen, negotiating is like playing tennis, several questions are thrown back and forth until an agreement is reached. Before trading, it is important to analyze and think about :.
What you want and what the company may want;. Important information about the company;. The questions you want to ask;. Know that they are on the same team and should work together.
The work of an innovator does not end when he finds the right company and licenses his idea. You need to follow each step of the process that involves marketing your product. This way, you will be assured that you have your rights guaranteed and will be pleased to have closed this deal. Keep innovating for the market, always protect your ideas and learn how to trade. Living the life of your dreams is easier than you think! In " Disrupt You!
For you to unleash a disruptive profile, you need to plan your goals and be susceptible to both internal and external changes. The book " Blue Ocean Strategy " brings a new concept in strategy to gain prominence in the market. This innovation is based on exploiting market opportunities in which there are no competitors, called by the author "blue oceans". Thus, there is a distance from opponents and a differentiated form of growth. Now that you've seen t he most important concepts about the art of creating and licensing your ideas, let's recap some practical tips?
Always study and analyze the market;. Create your ideas for an existing market;. Make a model of your idea;. Protect your idea ;. Show your idea to the right companies;.
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